Mumbai, March 3: The Mumbai-based Melstar Technologies is scheduled to make its debut on the bourses next week. According to the company, it has obtained all the permission relating to its listing on the Mumbai and the National Stock Exchanges and the actual listing can happen anytime next week. After the successful completion of its Rs 22.67 crore IPO in January, the market is expecting the Melstar scrip to open anywhere between Rs 150 and Rs 200. Its public offer was priced at Rs 72.The company on Friday also announced the opening of an object technology development centre and the successful development of a document product for the banking and the insurance sector.
The document product has been jointly developed by Melstar, Linkhead - a UK-based IT solutions company and Singularity, another Europe-based software company. While Melstar will retain 20 per cent of the intellectual property rights in the product, Linkhead will hold 60 per cent and Singularity, the balance 20 per cent. But the worldwide distribution of the product will be based in Melstar's Mumbai office.
According to Melstar chairman Suresh Bansal, the distribution and marketing of the recently developed product will be a joint initiative. For the same, in India the marketing team will be targeting the insurance and the banking companies. In addition, the company will also target the government departments whose data storage needs are substantial.
Currently, Melstar has global partnerships with IBM, Microsoft, Informix, Oracle and itc Consulting (of Switzerland). It is also the biggest business partner for IBM in India and offers enterprise solutions to IBM's top customers in India.
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